tv Wall Street Week FOX Business July 24, 2016 9:30am-10:01am EDT
♪come fill me again see you in philadelphia, good night from new york. >> announcer: this show has never been about solely investments. we talk about anything that affects people and their money. anthony: welcome to a special edition of "wall street week." i'm carr. we are coming to you -- i'm anthony scaramucci. we are coming to you from the site of the republican national convention in cleveland, ohio. we'll be discussing economic themes with business leaders from across america. i caught up with andy pusner on
the delegate floor. >> i think our country has gone in a bad direction the past 7 years. we have been a country where consumers drive the economy. we have now become one where the government is more and more involved in driving the economy. anthony: tell us why that's a bad thing. >> small groups of people no matter how bright they are and how mart they think they are, they can't guide the economy as effectively as millions of people month make decisions every day with every dollar they spend. an economic form of democracy where you voter time you buy something. when apple was starting, what if the government subsidized ibm, would apple have been able to
get off the ground? what if they chose another computer company. anthony: what steps have to be taken to improve the growth and living standard for middle class families and lower middle class families? >> we need a president who understands we need policies that even counsel growth. when we have growth we have jobs increase and income increase. when employees stop competing with each other for jobs salaries go up. the more jobs you have, the higher salaries will go. you don't need a fake mandate. you don't need the government creating jobs. you need a pro growth policy. trump has a pro growth tax plan. hillary clinton has an income redistribution tax plan. trump has a positive energy plan. all of the above, make america
energy independent by 2020. when it comes to regulation, you are from new york. donald trump builds buildings in new york. this guy gets regulations. anthony: i want you to pretend it's 50 years from now. as an historian, what would you be writing about the donald trump ascendancy and rise in this nomination? >> he gave our american entrepreneurs the ability to once again grow the economy which began to reduce the debt, created jobs, reduced domestic -- domestic disturbances we are having, the unrest, because people have jobs, were able to earn their success. he made us powerful overseas and reduced the size of government, returning power to the american people. >> less violence is less poverty. less poverty, less violence.
is that true? >> there is on one system in the history of the world that significantly reduces poverty and increases opportunity. anthony: why is free market capitalism so successful. >> it allowser person to achieve to their maximum potential. you have the opportunity to be whatever you want to be. my dad sold cars. i put myself through college and law school. now i'm the ceo of an international corporation. there is no country in the world where a working class kid like me would have had these opportunities. anthony: i'm the proved an american capitalist system but an energetic government, because i'm a product of the public education in the k-12 school system. we do need government as a complement to the free market.
>> we have got a presidential candidate who gets that and a presidential candidate who wouldn't on our best day understand half of that. anthony: ifer outside of the bubble of washington which you are, what would be one thing would you want to do on january 21, 2017 to improve the lot of the most amount of americans? >> we need to simplify the tax code. but you can't do that on day one. but what you can do on day one is say i want every head every agency to bring me a list of their regulations list them from the most important to the least important. the next 10% you have got to explain why you need them. anthony: next up bob murray from murray energy. mr. murray is making it no secret what he thinks about a donald trump presidency and how
it will help his industry. we are here with bob murray, please tell us your thoughts on the coal industry under a trump administration. >> it will be a lot bert, d a lt better, anthony. barack obama has cut the coal industry in la half. of -- in half, coal prices are cut in half. it's a very dangerous situation. coal fired electricity, and electricity is a same of life. it's 4 cents a kilowatt hour. the wind and solar power mr. obama and miss clinton espouse is 26 cents a kilowatt hour and he gets 4 cents a kilowatt hour from the taxpayer. that's why she is saying i'm going to put a lot of coal miners and coal companies out of business. she is getting a lot of money into her campaign and the
clinton foundation from the manufacturers of sole lahr panels and wind miles that cost 5 1/2 times more that wouldn't even it wasn't for the subsidizing of the taxpayer. anthony: she said she was going to put coal miners out of work. now she is trying to walk it back. >> she can't. she said it with a smile and she meant it. our miners are outraged. when two miners lose their jobs if they own anhing, it's their home. and they have no one to sell that home to. these people who want to work in dignity are denied that for the rest of their lives. she says i'll get $30 million of tax pair money and pour it into the community. my coal miners don't want hillary clinton's welfare.
they want jobs. that's what donald trump is about, jobs. she has never had one, neither has obama. anthony: do you think the damage done to your industry is reversible? >> i don't think it is. i told in trump that. he said i'm going to bring them back. i said you can't bring them back, but we can stop the destruction. we are at half the market we mad, and half the coal prices. so if we stop it there, there is a chance to hold electricity costs down because remember anthony it's 4 cents a kilowatt hour compared to the 26 cents they espouse. anthony: you advise the campaign on energy and coal. and you met mr. trump many times. what would you say to our viewer hospital have not had the opportunity to meet mr. trump. what's your feel being him? >> i did not know donald trump. i have had several meetings with him now, and this is what i found out. he's a quick study.
he has numerous questions. anthony: is he a good listener? he's a very good listener and asks a lot of questions. the best thing found out about him that i didn't know is he will surround himself with the best people in this country. not political hacks like obama, not bureaucrats, but people who have don't and created electricity and created the jobs and made america go. he will surround himself with those kind of people. i'm absolutely certain. that i didn't know about the gentleman. he's different in a private setting than he is publicly. anthony: there is a lot of blue collar labor dependent on only themselves and the company they are working for. and there are other people in governmental labor and they have an easier time as it relates to benefits and healthcare than say the blue collar plummer or coal miner.
what message doing you think either of these two candidates need to give to resonate to that voter? that voter is in a wide majority on the blue collar side, the reagan democrat you are describing. what's the message they need to hear? >> worker, i get it, i'm going support your job. i am going to grow your job. i'm going to make america great again.allying to that. that was the reagan speech, that was -- anthony: an empathetic aspirational message that speaks to them and their families about make them have some level of economic security which they haven't had. >> a man and woman have to have a job to enjoy this country and enjoy the yoon. those jobs are being destroyed. and the epa alone, their regulations are $217 million a year destroying so many jobs.
the coal industry had 200,000 workers before obama, it's down to 60. that's 140,000 people who should be working and want to work. ronald reagan brought hem to work. anthony: you were going to say donald trump and you said ronald reagan. i need to get one of those pins from you. ladies and gentlemen, the great bob murray. >> announcer: next on "wall street week." making america work against. business legend ed rensi. and tom donahue says the u.s. economy is ducking a ride it's now time to put the system back
[plumber] i need to be where the pipes are. so i use quickbooks and run my entire business from the cloud. i keep an eye on sales and expenses from anywhere. even down here in the dark i can still see we're having a great month. and celebrate accordingly. i run on quickbooks.that's how i own it. >> hillary clinton message is that things will never change. never ever.
my message is that things have to change. and they have to change right now. [cheers and applause] anthony: welcome back to a special edition of "wall street week." we spent the week speaking with american business leaders gathered at the republican national convention. ed rensi is a former mcdonald's ceo. one of the themes at the convention was making america work again. he told me what the next president needs to do to make that happen. >> while i was in college working for mcdonald's for 85 cents an hour, i grew up in that organization. it was a pro growth organization. build restaurants and get franchiseees. when you see a strategy of growth and bringing people in, it was clear the entryl-level
workers. 65% of them became managers. of those managers, 65% became middle managers. the senior executives of the country all worked in the restaurant at one point. job creation is the most important thing we can do for the economy and the country. when people are productive they have great self-esteem. you have got to have resources, a will and a strategy. anthony: i would like you to talk to our viewers about your thoughts on that. your philosophical perspective on the nation's minimum wage. >> the minimum wage was for entry-level workers, it was never meant to be a career wage. i when you bring someone in at minimum wage you better have a program where they can become a ceo in 30 years.
we don't want full-time minimum wayne workers. it's an entry level job. anthony: those for the higher minimum wage says capitalists are making too much money and it's time to download it down into the entry-level jobs. >> without profits, you don't have growth. that money isn't going to the ceo of the company. the employees get some of that money, taxing districts locally get that money. 39% in corporal taxes is too much. when you look at what hillary clinton is talking about with the 4% increase for the richest people, you are defining that as a two-income family making $250,000 with three kid, two of them in college. $250,000 doesn't go very far. we have seen the middle class wages drop.
it brings up a good segue. where do you think we are in terms of the inflection point for the market and where we'll go in the labor market and our economy. >> i'm looking forward to having a change in our agenda. the narrative we have now isn't healthy. people are starting to feel more and more defeated and dependent on the federal government. we have to give freedom back to the people to succeed. we are taking away the ability of people to get be successful and succeed. i heard mr. ross talk about, you know, you can double -- anthony: wilbur ross. private equity investor. >> you can't take a $10 billion company and double it easily. those companies are all global focus. we need local focus businesses. let's reduce the tax burden and
dip into the regulation and let them grow their businesses. job creation create self-esteem and they will pay taxes anyway. anthony: the political system is polarized. why do you think that mess and is not resonate together other half of the people that want to support more of the left-leaning policies? >> one of the things i'm concerned with is someone who want to be an educator. our education system is failing miserably. what the free enterprise system and capitalism is. we have a lot of people in this country that are ignorant of the facts. one of the goals is to teach people what's happening in the workplace. what are jobs looking like, what will they be looking like in the future. these things are so basic to our constitutional success.
anthony: more "wall street week" from the republican national convention after this. >> announcer: 2016 is all about the economy. in a country built on capitalism, the u.s. chamber of commerce want to know which candidate will be better tore business. >> we need to go back to the reality of american business and reality of american business and you do all this research on a perfect car,
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people in the world, which our country has, welcome back to a special edition of "wall street week" from the republican national convention in cleveland, ohio. the u.s. chamber of commerce doesn't endorse or support candidates. its only mission is to make sure american businesses have the chance to succeed. tom donahue is with us. i want to talk about the state of the economy with tax and regulation. where do you think we need to be going? >> it's pretty simple. we are stuck in a new normal. a new normal is 1.5% economic growth. with that kind of growth we n't go anywhere. we are n going to create the new jobs we need. we are not going to give small companies a break to get the capital they need to hire more people. so what do you do? anthony: what steps would you
take? >> you have got to stop trying to kill, cut up and destroy the financial community. all right, we had some problems, we fixed them, we penalized people in an extraordinary way. it's now time to put the system back to work. this administration has had 8 years to fix it. it's not getting fixed. it's getting worse. the small businesses i know are complaining about the affordable care act and the labor regulations. do you think the affordable care act is hurting gdp? >> this administration brought the labor department in to regulate almost every action of a company. so what are we going to pay our people, how much overtimime-we have to pay, what are the rules on employment and benefits, what are the benefits that they are giving to unions, what are they
doing to let the class action lawyers be the enforcement people on labor requirements. all of that is sucking vitality out of the american economy. anthony: there is an old cliche' that the country that can fire the most people can hire the most people. in the case of france, because you can't fire anybody, you have reluctance to hire anybody. we need to free that up as well. >> absolutely. let's go back to your question on obamacare. the president just other day authored a very long complicated dissertation on his healthcare system. which explained away in the first part all of these massive increases in cost and ended with the conclusion, you know what we really need? we need a government-run healthcare system for everyone. i think we have got too many government-run systems for everything.
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